UK Finance Sector and Police Stopped £32m Fraud in First Half of 2021

£32 million of fraud was stopped through the Banking Protocol rapid scam response in the first half of this year, according to the latest figures from UK Finance.

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— UK Finance (@UKFtweets) September 7, 2021

The latest figures  have revealed that the Banking Protocol received 4,700+ emergency calls between January and June 2021, saving potential victims £6,672 each on average.

Ultimately, the scheme led to the arrest of over 90 suspected criminals, bringing the total number of arrests to 934 since the protocol began.

Katy Worobec, managing director of Economic Crime, UK Finance, stated, “Criminals have continued to capitalise on the pandemic to commit fraud, callously targeting victims through impersonation, romance, courier and rogue trader scams. Branch staff and the police are working on the frontline to protect people from fraud and these figures highlight the importance of their work in stopping these cruel scams and bringing the criminals to justice.”

Additionally, UK Finance also set out four case studies to highlight some emerging threats. These include romance scams, courier scams, investment scams, and rogue trader scams. 

The case studies can be viewed here. 

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